St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-29
THE COMMERCIAL RECORD.
On the Chicago Board of Trade There
Was But Little Stir in Wheat
Yesterday.
Most of the Business Was in Trans
ferring Options to the More
Deferred Months.
The Dealings, Such as They We're,
Affected by Weather Reports From
the Northwest.
Transactions in the Financial Circles
of Wall Street.-The General
Markets.
Special to the Globe.

July option opened at 69S4c, went TO zoe,
then to 70lse, standing stationary at Ioc.
July corn sold for 36Ssc, July oats at 26c,
August lard at $500 and August short rios
at S7.77l2. Those who are buying have an
impression that wheat at or around zoe is
better property TO hold Than diamonds or
precious stones. They don't anticipate any
disastrous disclosures on Friday, which is
the fateful July delivery day. They be-
ieve the worst is known and
that the possible failure of
few small firms will cut no figure. BY IL
o'clock the market was improved and
stronger feeling noticeable all along the
line. The happy and altogether honorable
outcome of the affairs of the American Ex-
change National bank is matter of very
general congratulation. Mr.. Irwin was
anxious to have some one of the directors
made president who is not a member of the
board of trade The directors did not like TO
lose the services of a man in whom all had
the utmost confidence, but as the president
preferred to vacate the Office, d. B. Dewey
was elected president and Z. Buckingham
vice president. The cordial resolutions
adopted by the directors well express their
hearty appreciation of the faithful and de-
serving work which Mr.. Irwin has per-
formed in the interest of the bank. In this
connection the
SUBJoINED RESOLUTIONS.
adopted by the directors are of interest:
Resolved, That the thanks of this board
are rendered the members of the Chicago
Clearing House association for the evidences
of confidence they have manifested in the
management of this institution during
trying emergency for their words of encour-
agement and for their proffered aid.
..RaSO1ya6 That IN order n make good any
possible impairment of the capital stock Of
this bank an assessment of so per cent. be at
once levied upon the shares Of stock
The good repute of the Chicago banking
institutions will be increased by the action of
the directory There were few features of
to-days market calculated to excite COM
ment. The weather was responsible for
slight accession of strength to corn and oats.
and this served as a tonic to the wheat pit,
which spurted to 70Isc, at no time selling be-
low 69ssc. Well-informed traders failed to
see in the existing situation many signs of a
speculative revival Tomorrow the members
of the board will decide by ballot whether
they will adjourn from Friday night TO Tues
day. 1t is probable that the proposition to do
no business for three days in succession will
prevail, although many correctly hold that
IT Is NOT FAIR
to either receiver or shipper to impose upon
them the handling of an accumulation which
such an adjournment entails. a private cir
cular on the new system of settling trades
was generally circulated ON the board to-day,
and was discussed at length. The compost
ton is from the pen of Robert Lindblom,
known as the man of parts. After citing
1.-THE recent calamity by which innocent
parties suffered great losses after their risks
on the board had ceased simply by being
compelled to stand in the gap," the author
declares in favor of change
in the system of settling trades. Mr.. Lindblom
continues: 'That the open board of trade in
which the proposed new system prevails has
escaped the cyclone that struck the staid old,
regular board last week cannot be explained
away upon another hypothesis than that it
was due entirely to the new system. There
is no sense or justice in the position which
we all are compelled to occupy now. That
when mans risks on the market have
ceased he should be forced to assume new
and greater Yisks.'' Mr.. Lindblom asserts
that 1.-The benefits Of
THE NEW SYSTEM
are so obvious that he does not care even to
discuss them. 1t releases innocent parties
from risks, and places the responsibility be-
tween the actual short and the actual
''No man has any right to do business unless
he can protect his actual risks,of the market
10, or at least per cent, andsif we inaug-
urate this system believe it will become the
general practice on the part of the
trade to demand in all cases
at least per cent, and under ordinary cir
cumstances it would be almost impossible
for anybody to seriously rob the trade. 1.-THE
objections against the proposed system were
advanced with equal force against the pres
ent system of clearing differences, which
stands as monument of executive ability
He also remarks that, under the new system,
the grain account would always balance, as
every clerical error would be sure to be cor
rected every day. District Attorney
Bruce, of Cincinnati, is here to-day looking
up the Fidelity case.
THE ROUTINE REPORT
CHICAGO, June 2S.-There was but little
stir in wheat to-day, the market ruling quiet,
IN fact, dull Most OF the business was in
transferring contracts to the more deferred
deliveries. The market was steady and
fluctuations slight, with some feeling among
operators quite firm, based some upon the
unfavorable crop reports received from vari-
Gus sections. Rain, 1t appears, is badly
wanted i'll some parts of the spring wheat
growing country, but the damage thus far
evidentlyis more serious in the oat and corn
regions, with which wheat sympathized to
some extent. The receipts of wheat were
small: There is still moderate demand for
shipping and milling account July opened
at 69s4c, advanced to 7O1sc, and eased off to
69ss@69s4c the closing price. Trading in
corn was fairly active to-day. The feeling
was quite firm early in the day,
most sections of the corn delta,
and the market advanced about lac. Later
there was considerable desire to realize and
offerings became quite liberal and the market
tod hnt, tio11x
and closed Ac higher than yesterday Re-
ceipts were rather liberal. July opened at
36ssc and closed at 36s4c. Oats were quite
active and the market, received more than
mand was quite brisk. The market for day
or two has been influenced by reports of pro-
longed dry weather. To-day there was 7s@1c
advance for futures. July opened sse better
at 26c, sold up to 26ssc, the closing figure.
Trading in provisions was moderately active
Oh speculative account early in the day, but
a rather quiet feeling prevailed during the
latter part of the session. A nervous and I'M
settled feeling was manifested the greater
portion of the time and prices fuctuated
considerably within n moderate range and
averaged somewhat higher. Speculative Of
ferings were fair, while the demand was
fairly active and mainly from shorts"
Early there was little more pressure to sell
and lower prices were submitted to, but the
demand was later in the day and prices
rallied to medium figures and closed steady
Trading was chiefly in August and Septem-
Der deliveries. The shipping demand was
fair, but the offerings were rather light. The
receipts of hogs were light and prices higher,
which had strengthening influence on the
market for products.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. g June opened at 69lAc, closing
at 694c: July, G9s4c, closing at 695sc;
August. 12l2c, closing at 72lsc: September,
74l2c, closing ct 74s4c: Corn-No. June
opened at S6lsc. closing ut 36Hc; July,
36ssc. closing at 3684c; August, 3sc, closing
Mt 3SSsc; September, doc. closing at 1890.
at 26lac: July, zee closing at cGssc: August,
2iInc I.lnsiuI- 2GItc. Sentc,n lncr .lisaln